Death Claims amounting Rs.7,73,744 paid by LIC of India to Ms.Ragini Dhruve wife of deceased Mr.Kalpesh Dhruve.
Mr.Kalpesh Dhruve also had a policy with Max New York Life Insurance Co.
Max New York repudiated the (same) claim stating that Mr.Kalpesh Dhruve suppressed the fact that he had high BP.
Even though the death occurred after 3 years from the commencement of Risk of his policy with Max New York!
The details, i.e. copy of LIC's Cheques, repudiation letter of Max New York are given here in the pdf file.
This is a good example for the service offered by private insurance companies!
Spread this to all!
Normally, we get irritated whenever NB Dept. asks for additional requirements. But, only because we insist and get all necessary details and requirements before completion, we are able to settle claims speedier!
Private companies accept all without insisting on requirements; But insist all the requirements at the time of claim! They even utilizing it to repudiate the claims!!
LIC always searches for reasons to settle claims in favour of policyholders!
Private Companies search for reasons to repudiate!!